Credit Card Reform
People with credit cards are right to be upset with current state of the
industry. The credit card industry does pretty much whatever they want,
gouging their consumers every chance they get. They raise interest rates
at will, and charge exorbitant fees that they know their customers can’t
do anything about until they pay off the debt.
Credit card customers are worried that they will never pay off the debt
at the rate that they are going, and they are right. The Federal Reserve
realizes that there are problems with the industry and passed
requirements that they must give you 45 days notice before they increase
rates. However, it doesn’t go into effect until July of 2010.
Many consumers would be better off simply getting a credit card debt
consolidation loan instead and paying off all of their cards and putting
them into one loan. This would rid you of the late fees, service fees,
and high interest rates that you are undoubtedly already paying.
Instead, you pay everything into one debt consolidation, and pay it off
sooner. You would be wise to get rid of your cards as well so as to not
tempt yourself.
If you have excessive credit card debt – to the tune of $75,000 or more
and you don’t see yourself paying it off any time soon, you may want to
look at bankruptcy. A debt consolidation is good for paying off the
things that you can, but if you have too much debt you will never pay it
off.
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